High earners say au revoir to France

by
May 13, 2012

By Emma Rowley, Anna White and Helia Ebrahimi, The Telegraph

The annual mass exodus from the French capital sees the city’s inhabitants while away the August heat in the countryside.
But this week many of the biggest earners across the Channel have been mulling a départ which could be rather more permanent.

The toppling of Nicolas Sarkozy by François Hollande, the first socialist president to lead the country in 17 years, has sent ripples of fear through the wealthier arrondissements of Paris.

Their new president may block the eurozone austerity advocated by Germany’s Angela Merkel, but he is not opposed to his richer citizens feeling the squeeze.

Mr Hollande plans to implement a 75pc tax rate on earnings over €1m (£800m), on top of a 45pc rate for people making €150,000 or more. He is also expected to raise “wealth taxes” on property assets and end his predecessor’s tax incentives to lure bankers back home.

To read more, visit:  http://www.telegraph.co.uk/finance/globalbusiness/9261905/High-earners-say-au-revoir-to-France.html

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